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Russia: MMK net profits up in 2016

In 2016 MMK increased its net profits 2.5-fold YoY, to $1.111 billion. According to the company statement, its free cashflow totaled $728 million. EBITDA increased by 17.3% YoY, to $1.956 billion. Company revenues dropped by 3.6% YoY, because of the low sale prices. This year MMK forecasts the increase in steel demand in Russia by…

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Kyrgyzstan: 10 mining licenses revoked

The State Committee for Industry, Energy and Subsoil Use revoked 10 licenses for mining. Ken KG LLC lost its license to mine rhinestone. Two licenses of Kench Kut LLC, which mines rhinestone and serpentine rock, have also been revoked. Too Ken Bars, Alfa Consult, Master Elitstroy, Satmen LLC, engaged in mining of limestone, had their…

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